UNKNOWN INSURANCE

Otago Witness, Issue 2685, 30 August 1905, Page 10

UNKNOWN INSURANCE

CHRISTCHURCH, August 23.

At the annual mooting of the Farmers' Co-operative Five and Marine Insurance A^sooidtion of New Zealand Mr Ncavo, chairman, in moving the adoption of th© report and balance sheet, said the year had been fairly fortunate despite the enormous reduction that the large compares so hurriedly and foolishly sprang upon them. The full loss in premiums would not be felfe till noxt y-eor. Tho company's fire risks were- principally countiy ones, and only a yea." or two ago the iosoes on these risks were feo heavy that they absorbed all tl.« premiums, and would have involved the company in loss but that they had been lucky ill their marine business in the same year. As a sample of the advantage of. Government interference in insurance business, he stated that before the State took up accident insurance he used to insure with a, private company at 5s per cent, for farm hand« and 30s per cent, for bushfellers. As soon as the Government got a hold, it, with other companies, raised rhe rates to from 13s to 2Cs per cent, for farm hands and 106s per cent, for bushf-cllers. He hopod shareholders would see in this tho ultimate remit of State interference in insurance business. Ho referred to tho Fire Brigades Bili as one of tho most unjustifiable and wanton attempts to r-ob insurance companies ever tempted. Luckily there seemed -enough sense of honesty still loft in the House in tho-e matters, and there appeared to be no c-lnnoe of the bill passing this Fession. Referring- to the statement of the local agent of the State Fire Insurance Department that the Farmers' Co-operative Company annually paid 6 p-er cent, on its insurance business, he said the agent had quite forgotten to tell the public what the dividend "was paid out of. It was not th© insurance business that paid the annual dividend, and shareholders would sec that it was tho t'ntcrost on the company's capital of £3130 3s 7d that paid the whole of tho piopoccd divicleii<J this yoar, and -all that the insurance business paid was tho expenses and bonii.s, ond enabl-ed them to add £1000 to the reserves.. Tho report was adopted, and the 6 per cent, dividend d-ccUxred. At a special meeting a re-olu-tion was pa.sscd altering the mcmorandunl of association to allow the carrying on of accident insurance.

It is reported that the microbe of indifference has overcome the proposed Tokomairiro Hack Club, and the president and v, vice-president have resigned. If this is correct (says tho Bruco Herald) all that now remains to wind up the club is the return of subscription? paid, at the first meeting, by intending members. A visit is being rnad-e by Dr Pomare, of the Health Department, to the Native villages between Wellington and Otaki. Several cases of typhoid fever have occurred in one of the settlements. Dr Pomare is attending to the patients, and us also vaccinating a large number of the Maoris.